DAIRY FINANCE COMPANY

Hauraki Plains Gazette, Volume XXXIV, Issue 4567, 23 May 1923, Page 2

DAIRY FINANCE COMPANY

ANNUAL MEETINGMANY DAIRY FARMERS HELPED. The annual meeting of the Thames Valley Dairy Finance Company was held on Monday. There were present: Mr G. Buchanan (chairman), Messrs W. D. Nicholas, W. Montgomerie, PR. Hubbard, L. Cassrels (directors), E. E. Gillman, W. J. Byrne, G. P. de Castrp, E. Edwards (shareholders), W. H. Blakeway (secretary), and A. Steedman. ANNUAL REPORT. The directors’ eighth annual report was as follows :— “Reference to the balance-sheet and profit and loss account will show that the Compasiy has experienced another successful year. The net profit shows an increase over the previous year of £57. During the early portion of the year there were numer-. ous inquiries for loans, and your directors endeavoured to keep all available funds placed to advantage and at the same time assist the daily farmers who were most in need of financial assistance. The demands for loans during the latter end of the year diminished somewhat, doubtless owing‘to the good prices realised for butter-fat.

‘‘The directors recommend the allocation of the profit of £644 3s 3d as follows: Payment of a dividend on the paid-up capital of 9 per cent., absorbing £313 16s 7d; payment of a bonus on paid-up capital of 3 per cent,, absorbing £l94' 12s 2d; transfer to reserve fund of £l5O, which will leave a balance of £75 14s 6d. “The retiring directors for this year are Messrs G. Buchanan and P. R. Hubbard, both of whom are elig< ible for re-election.” The balance-sheet showed that the assets comprised advances outstanding at March 31 last, £8139 10s. The chief items of - the liabilities were paid-up capital £3487 ss, reserve fund £465, Bank of New Zealand overdraft £3032. deposit account £5OO. The profit and loss account showed that £ll7B 7s 7d was derived from interest on. advances, and that the expenditure was: Interest to the Bank of New Zealand and depositors £417 7s 7d, income tax £3l 3s 6d, other expenses. £B5 13s; leaving a profit bal-> ance of £644 3s 6d.

In moving the adoption of the report and balance-sheet the chairman said that it was pleasing to report that the company had experienced another successful year. The directors had had to be very careful this year in making advances owing to the fact that there was a considerable depreciation in the price of store cows. He was pleased to report that all the advances were sound, and that until recently all the funds had been kept invested to the limit. The outlook was much brighter to-day, and he thought that the company had done a very great service to the dairying industry. The demand for money was again being experienced, and the directors had that day applications for over £3OOO. The reserve fund had now reached £615, and he thought it wise to continually add to the reserves. Last year permission was given the directors to issue 3000 more shares, but as the bank would not .. give, any further accommodation extra capital was not called in. During the year advances had been made totalling £14,000.

Mr L. Cassrels seconded the motion. Mr de Castro congratulated the directors on the- work done during the past year, and asked if it would not pow be possible to get the extra overdraft and issue further shares.

Replying to this, the chairman said that at present he did not think it would be wise, as the amount now available was kept fully invested, whereas if a. further sum was obtained it might not be possible to keep it fully invested. The directors would go . into the matter carefully, and if a further overdraft could be procured, and there was a demand for the money, the shareholders would be advised.

The motion was then put and carried.

The retiring directors were re-elect-ed, and Mr G. E. Allen was elected auditor.

A resolution was then passed in accordance with the recommendation Gf the directors as to the allocation of profits.

A bonus of £lO was passed to the secretary, and an honorarium of £l2 each to the directors and £l5 to the chairman.

A vot? of thanks was accorded to the secretary, and also to the directors for their services during the past year.

At a subsequent meeting of the directors Mr G. Buchanan was unanimously re-elected chairman.

A fine haul of plaice was netted at the Foxton Heads last week by local fishermen (says the Manawatu “Dailv Times”). These fish are like the flounder in shape, but very much larger. Their appearance in the river is somewhat of a mystery, none having previously been caught locally. The river at the time was in flood and the sea water for some distance out was discoloured. Very good reports have been received as to the success met with by running goats on blackberry-infested country (says the Wairoa Star). It is stated by those with experience on the subject that the running of a fair number of goats does not decrease the sheep-parrying and the local branch of the Farmers.’ Union has, therefore, secured about 400 goats from the East Cape for distribution among members of the union. SURGERY WITH A CANDLE. The handiness of candles for lighting purposes cannot be over-estimat-ed. In the war delicate surgical operations were performed by the aid of candle light. As regards quality, a Dominion brand—“ Golden Ray” Candles —gives the brightest light, lasts longer, and costs less than imported. Always full weight. If your grocer does not stock, write direct for supplies to Ellis and Manton, Ltd., manufacturers, G.P.O. Box 222, Wellington.